请问期间为什么是CAD-basis？谢谢老师

NO.PZ201601050100001902 问题如下 Wyalusing will soon builng a new manufacturing plant in the UniteStates. To funconstruction of the plant, the company will borrow in its home currenof Cbecause of favorable interest rates. Tioga plans to use a cross-currenbasis swso thWyalusing will borrow in Cbut make interest payments in USscrihow the swwill function, from the perspective of Wyalusing, in terms of the:i. cash flows inception.ii. perioc cash flows.iii. cash flows maturity. scrihow the swwill function, from the perspective of Wyalusing, in terms of the:i. inception, Wyalusing will pthe notionprincipof Canwill receive amount of USaccorng to the USCexchange rate, agreeto inception.ii. easwpayment te, Wyalusing will receive interest in Canwill pinterest in US Both payments are baseon floating referenrates for their respective currencies. The Crate will also inclu a basis rate this quoteseparately. On easettlement te, Wyalusing will receive amount of Cbaseon the Cfloating rate minus the basis rate applieto the swnotionvalue, anit will pamount of USbaseon the USfloating rate anthe USCexchange rate thwset inception.iii. maturity, Wyalusing will receive the notionprincipof Canwill pamount of USaccorng to the USCexchange rate thwset inception, applieto the Cnotionprincipal. The cash flows maturity are the inverses of the cash flows inception. 中文解析本题考察的是cross-currenbasis swap。Wyalusing公司要在美国建立一个新的制造工厂，因此需要美元。但该加拿大的公司在本国借款更有优势，利率更低，因此他在本国借CA再通过cross-currenbasis swap将其转换为US期初将约定一个在期初和期末交换名义本金时使用的汇率，然后Wyalusing将支付CA名义本金，并根据约定好的这个汇率收到对应金额的美元本金。期间在每个互换日，Wyalusing将收到CA息，并支付美元利息，支付和收到的利息都是基于各自币种的浮动利率和名义本金来计算的，另外收到的CA率中包括一个basis。因此在每个结算日期,Wyalusing将收到基于CA动利率-basis计算出来的利息,同时支付一笔基于美元的浮动利率和美元本金计算出来的美元利息。期末和期初的现金流方向相反，将会收到一开始换出去的CA同时支付一开始时收到的美元金额。结束整个互换。 如题1）如果在外国（加拿大）借贷更合适，是因为在外国借贷比在本国（美国）借贷的利率(Rb)更低，还是因为外币的basis point（BPb)是负数导致整体cost of borrowing降低? 2）如果外币的basis point (BPb)是负数，本币的basis point (BPa)是相同值的正数吗？BPa=-BPb?3）如果外币的basis（BP是负数，说明外币(FXb)走弱，本币(FXa)走强吗？4）如果在外国借贷，期初为什么要把外币换成本币？我的理解是期间实际发生了两笔交易，第一笔交易是借了外币，第二笔交易才是用借到的外币换了本币。5）如果期初把外国货币换成了本国货币，期间为什么会收到外币利息，支付本币利息？外币通过互换已经支付出去了，为什么还要付息？我的理解是期间会发生三笔利息，第一笔是支付外币(-Rb)的借款利息；第二笔是收取外币利息(+Rb-BPb)，因为互换中支付外币相当于len币；第三笔是支付本币利息(-Ra)，因为互换中收取本币相当于borrow本币。6）期间收益怎么计算？我的理解是第一笔支付的外币利息和第二笔收取的外币利息可以相互抵消，所以相当于净收入=-BPb-Ra。我算出来的payoff是个很大的亏损，这应该有问题。

NO.PZ201601050100001902 问题如下 Wyalusing will soon builng a new manufacturing plant in the UniteStates. To funconstruction of the plant, the company will borrow in its home currenof Cbecause of favorable interest rates. Tioga plans to use a cross-currenbasis swso thWyalusing will borrow in Cbut make interest payments in USscrihow the swwill function, from the perspective of Wyalusing, in terms of the:i. cash flows inception.ii. perioc cash flows.iii. cash flows maturity. scrihow the swwill function, from the perspective of Wyalusing, in terms of the:i. inception, Wyalusing will pthe notionprincipof Canwill receive amount of USaccorng to the USCexchange rate, agreeto inception.ii. easwpayment te, Wyalusing will receive interest in Canwill pinterest in US Both payments are baseon floating referenrates for their respective currencies. The Crate will also inclu a basis rate this quoteseparately. On easettlement te, Wyalusing will receive amount of Cbaseon the Cfloating rate minus the basis rate applieto the swnotionvalue, anit will pamount of USbaseon the USfloating rate anthe USCexchange rate thwset inception.iii. maturity, Wyalusing will receive the notionprincipof Canwill pamount of USaccorng to the USCexchange rate thwset inception, applieto the Cnotionprincipal. The cash flows maturity are the inverses of the cash flows inception. 中文解析本题考察的是cross-currenbasis swap。Wyalusing公司要在美国建立一个新的制造工厂，因此需要美元。但该加拿大的公司在本国借款更有优势，利率更低，因此他在本国借CA再通过cross-currenbasis swap将其转换为US期初将约定一个在期初和期末交换名义本金时使用的汇率，然后Wyalusing将支付CA名义本金，并根据约定好的这个汇率收到对应金额的美元本金。期间在每个互换日，Wyalusing将收到CA息，并支付美元利息，支付和收到的利息都是基于各自币种的浮动利率和名义本金来计算的，另外收到的CA率中包括一个basis。因此在每个结算日期,Wyalusing将收到基于CA动利率-basis计算出来的利息,同时支付一笔基于美元的浮动利率和美元本金计算出来的美元利息。期末和期初的现金流方向相反，将会收到一开始换出去的CA同时支付一开始时收到的美元金额。结束整个互换。 我这样写是否就可以？inception, he pthe borroweprincipin Canreceive USfrom the aler, with terminecurrenrate.in the perio he pthe interest of USto aler, anreceive interest of Cpayment from aler.maturity, he receive the principin CA anpbathe USprincipto aler.另外，currenswap期初期末都有实际的本金的交换，为什么还叫notionprincipal，“名义”体现在哪里？所以我直接写的principal

NO.PZ201601050100001902 问题如下 Wyalusing will soon builng a new manufacturing plant in the UniteStates. To funconstruction of the plant, the company will borrow in its home currenof Cbecause of favorable interest rates. Tioga plans to use a cross-currenbasis swso thWyalusing will borrow in Cbut make interest payments in USscrihow the swwill function, from the perspective of Wyalusing, in terms of the:i. cash flows inception.ii. perioc cash flows.iii. cash flows maturity. scrihow the swwill function, from the perspective of Wyalusing, in terms of the:i. inception, Wyalusing will pthe notionprincipof Canwill receive amount of USaccorng to the USCexchange rate, agreeto inception.ii. easwpayment te, Wyalusing will receive interest in Canwill pinterest in US Both payments are baseon floating referenrates for their respective currencies. The Crate will also inclu a basis rate this quoteseparately. On easettlement te, Wyalusing will receive amount of Cbaseon the Cfloating rate minus the basis rate applieto the swnotionvalue, anit will pamount of USbaseon the USfloating rate anthe USCexchange rate thwset inception.iii. maturity, Wyalusing will receive the notionprincipof Canwill pamount of USaccorng to the USCexchange rate thwset inception, applieto the Cnotionprincipal. The cash flows maturity are the inverses of the cash flows inception. 中文解析本题考察的是cross-currenbasis swap。Wyalusing公司要在美国建立一个新的制造工厂，因此需要美元。但该加拿大的公司在本国借款更有优势，利率更低，因此他在本国借CA再通过cross-currenbasis swap将其转换为US期初将约定一个在期初和期末交换名义本金时使用的汇率，然后Wyalusing将支付CA名义本金，并根据约定好的这个汇率收到对应金额的美元本金。期间在每个互换日，Wyalusing将收到CA息，并支付美元利息，支付和收到的利息都是基于各自币种的浮动利率和名义本金来计算的，另外收到的CA率中包括一个basis。因此在每个结算日期,Wyalusing将收到基于CA动利率-basis计算出来的利息,同时支付一笔基于美元的浮动利率和美元本金计算出来的美元利息。期末和期初的现金流方向相反，将会收到一开始换出去的CA同时支付一开始时收到的美元金额。结束整个互换。 sw最后一期没有利息交换吗？